PORT OF LOS ANGELES NAMES CHIEF FINANCIAL OFFICER


PORT OF LOS ANGELES NAMES
CHIEF FINANCIAL OFFICER

SAN PEDRO, Calif. — February 19, 2008 — Karl Pan, an experienced domestic and international finance expert and a former chief financial officer for Los Angeles World Airports, has been appointed Chief Financial Officer for the Port of Los Angeles. In his new position, Pan will oversee development of the Port’s multi-billion-dollar annual budget as well as conduct audits to evaluate and improve operations at the agency, among other things. He will supervise approximately 60 employees in the Port’s Accounting and Budget, Financial Management, Debt Management, Risk Management and Internal Management Audit divisions.

“Karl brings a world-class level of expertise to this position, and that’s exactly in line with our financial management needs as the leading container port in the western hemisphere,” said Molly Campbell, Deputy Executive Director of Finance and Administration for the Port of Los Angeles. “As we implement our ‘green growth’ strategy and a 10-year capital improvement program that encompasses more than $3 billion in construction projects, Karl will play a key role in ensuring that we retain our AA bond-rating and leverage our financial assets in the best possible ways.”

With nearly 30 years of domestic and international finance experience, Mr. Pan has expertise in operating and capital planning, economic resource allocations, risk assessments and a wide variety of other financial functions. He began working for the city of Los Angeles in 2004 as a financial manager with Los Angeles World Airports, and became that agency’s chief financial officer in April of 2006.

Prior to working for the city, Mr. Pan served as an executive vice president at the Bank of Hawaii, where he spearheaded global market activities. Before that he worked for Chemical Bank in New York and the Bank of China in Los Angeles. He earned his bachelor’s degree from the University of Texas at Austin, and has an M.B.A. in finance from UCLA.

The Port of Los Angeles, also known as “America’s Port,” has a strong commitment to developing innovative strategic and sustainable operations that benefit the economy and the quality of life for the region and the nation it serves. A recipient of numerous environmental awards, including the U.S. Environmental Protection Agency's 2007 Clean Air Excellence Award, the Port of Los Angeles is committed to innovating cleaner, greener ways of doing business. As the leading seaport in North America in terms of shipping container volume and cargo value, the Port generates 919,000 regional jobs and $39.1 billion in annual wages and tax revenues. A proprietary department of the City of Los Angeles, the Port is self-supporting and does not receive taxpayer dollars. The Port of Los Angeles - A cleaner port. A brighter future.